By Charlie Schouten with quotes from Hugh Canham, head of asset management at Moorfield Group.
A Bristol student development led by a joint venture between Moorfield Group and Tiger Developments has secured Gateway 2 clearance.
The approval paves the way for the 201-bed purpose-built student accommodation (PBSA) scheme to proceed to the next phase.
Construction began in early January and is on track to complete in time for the 2027/28 academic year. It will be operated by Host, the operational business of Tiger Developments. Watkin Jones is the main contractor.
Gwyn Pritchard, managing director at Watkin Jones, said: “Achieving Gateway 2 approval for our PBSA scheme on Freestone Road demonstrates our expertise in driving projects forward while maintaining our focus on excellence in construction delivery. The development highlights our ability to meet market demand with innovative, high-standard builds that benefit communities and stakeholders alike.”
In September, the Bristol project secured £26m of senior financing provided by Investec. Green Street News revealed previously that Moorfield had reached an agreement with Tiger Developments to forward fund the development, which has an estimated end value of £60m.
Located on Freestone Road, the development will be built on a brownfield site and will offer 65 ensuite clusters and 136 studio units across four blocks. The entire scheme will aim for BREEAM Excellent credentials.
John Nesbitt, managing director at Tiger Developments, said: “Reaching Gateway 2 approval for the Freestone Road PBSA scheme marks a major step forward for this development and we are pleased to see work underway on site. This scheme will deliver high-quality, sustainable student accommodation in a prime Temple Quarter location, supporting Bristol’s growing student population while contributing positively to the wider regeneration of the area.”
Hugh Canham, head of asset management at Moorfield Group, added: “Working with experienced delivery partners with a proven track record, such as Watkin Jones and Tiger Developments, is central to our UK living sector strategy. Our conviction remains that purpose-built high-quality assets will command a scarcity premium amongst both investors and consumers as new supply is constrained by ongoing regulatory and viability challenges.”
Link to story here: https://greenstreetnews.com/article/moorfield-bristol-student-project-clears-gateway-2-hurdle/